Philip Morris price target raised to $120 from $105 at UBS

UBS analyst Faham Baig raised the firm’s price target on Philip Morris (PM) to $120 from $105 and keeps a Sell rating on the shares. Philip Morris guided to another year of volume growth and high single digit EPS growth following a strong fiscal 2024 performance, and while the trajectory of IQOS continues to disappoint, the FY25 currency impact was lower-than-feared due to yen/euro hedges, and the U.S. ZYN volume guidance was better-than-expected, the analyst tells investors in a research note.